The CBILS is a loan scheme for SMEs, guaranteed by the British Business Bank and delivered via your bank.
23 Mar 2020, 4 min read
It is available to businesses with up to £45m turnover, with loans up to £5m which will be fee free and have 12 months interest free.
Scheme features
The Coronavirus Business Interruption Loan Scheme supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities. The scheme provides the lender with a government-backed guarantee, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.
- Up to £5m facility: the maximum value of a facility provided under the scheme will be £5m, available on repayment terms of up to six years.
- 80% guarantee: the scheme provides the lender with a government-backed, partial guarantee (80%) against the outstanding facility balance, subject to an overall cap per lender.
- No guarantee fee for SMEs to access the scheme: no fee for smaller businesses. Lenders will pay a fee to access the scheme.
- Interest and fees paid by government
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